"That said, we're not renewing because it's just too expensive and not our best option. If worse comes to worst, we will be able to cover a good 5 years with a reverse mortgage. Is anyone else here using that as LTC insurance?"My Mom always said that her paid off house was her long term care policy. We had been instructed to sell it if she had to go into long term care and she made sure that we had all the right paperwork to sell it if we needed to. My dad had passed away before her and even though her house was not real expensive, the numbers worked out so that her home equity, and social security, could have provided for her care for many years without depleting her other resources if it had been needed. It is less liquid than stocks or bonds but home equity is really just part of someone's net worth that can be used for LTC.This does not work quit as well if a spouse is still alive that might need the assets to live on for a long time. Some people that are moderately well off know that they can afford long term care under the most probable circumstances, and if they go broke paying for LTC then they would have Medicaid (with all its issues) so the real reason to buy LTC insurance are;1) To not impoverish a surviving spouse.2) To ensure a better quality of care3) To not deplete the estate so a large inheritance can be left.If you are not concerned about leaving a large estate, which I agree with, and if you don't have a surviving spouse then using home equity to pay for LTC would help to be able to afford better care so there would be less need to buy insurance for that.
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